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, pandit, and havens all founded the hedge fund they sold to citi for $8 million. pandit pocketed just about $80 million of that price tag. so definitely a very multifaceted story. we should get more in just the next hour. >> you would think so. let's get some reaction now from some respected analysts. mike mayo, bank analyst. he's also the author of "exile on wall street." our friend rob cox, the america's editor at reuters breaking views. michael, what do you make of the breathtaking events over the last 24 hours? >> i think the ceo transition is ludicrous. to have the ceo and c.o.o. step down at the same time with zero transition and to have this change one day after they report earnings. just yesterday i was asking vikram pandit questions. we were all asking him questions about the long-term strategy. one day later, he's out the door. something's not right. i think this poor transition of the ceo is a microcosm of the poor corporate governance at citigroup under the vikram pandit reign. >> mike, i want to ask you what you think is going on here, but let me get anton in first. you'r
>>> hi, good afternoon. i'm maria bartiromo coming to you live from rockefeller city in new york city where the markets are at a standstill today and tomorrow as millions brace fort brunt of hurricane sandy. >> i'm bill griffeth at cnbc global headquarters. this is usually the last hour of trading but this is the beginning of the worst of sandy. the situation getting more dangerous. that's a live picture out of midtown manhattan. a damaged crane atop a building located on west 57th street in midtown manhattan. all of that as a result of the heavy, heavy winds that are been hitting that area of new york city. we will keep you updated on that particular story. in fact, we have whole team coverage from every angle of this story. todd gross is here with us at battery park city, we have mary thompson from the port of baltimore, brian shactman is on long island. kayla tauche in cape may, new jersey, and we will be navigating the carnage for the next two hours. it is expected to pick up in severity in that time frame. let's start with the big picture from todd gross. todd, where is hurr
. >>> and crumbling city? what really happened in the between the bank ceo and chairman that led to pandit's departu departure, the surprising story is still ahead on "closing bell." >>> welcome back, 45 minutes left in today's trading session. the market is higher, dow industrials trying to avoid a third down day. we've got a pretty good move on the upside of 38 points and industrial average, disappoint of earnings putting drag on sent. this morning as it has for much of the week. technology stocks among the gainers, off of earlier lows when the tech index went into correction territory. financial under pressure with the market up broadly speaking. >> 45 minutes left. our next guest told officials fz treasury and fed to stop using libor, the interest rate in order to protect the taxpayers who fund the t.a.r.p. program and using it as a bis sasis to charge interest on loans. >> t.a.r.p. started in 2008, the government still owns a piece of nearly 300 banks. the government has been paying back taxpayers by selling shares at banks, often at an discount. the libor can be rigged. joining us now, christy
's larry fink with his thoughts on earnings, the election, and vikram pandit's sudden departure from citi. >>> then in another exclusive, u.s. bankcorp ceo on his company's earnings. >>> and trouble ahead? s&p's chief economist tells us about three big risks looming on the economic horizon and why there's no room for error. find out what they are ahead on the "closing bell." for [ male announcer ] it's a license to drive. but to you, it's a leap of faith. it means letting go... and learning to trust. ♪ all across america, thousands of teens showed state farm what it means to them. ♪ at a national event that gives new drivers the knowledge they need to take the wheel. we call it celebrate my drive. you might call it peace of mind. learn more at celebratemydrive.com. sleep train's best rest event is ending soon. don't miss your chance to get sleep train's very best mattresses at the guaranteed lowest price. plus, pay no interest for 3 years on beautyrest black, stearns & foster, serta icomfort, even tempur-pedic. and rest even better with sleep train's risk-free 100-day money back guara
protect the citizens. no decision on the new york city marathon yet. >> see you the same time tomorrow. "closing bell" is next. >>> hi, everybody, welcome to "the closing bell." i'm maria bartiromo at the new york stock exchange. what a couple of days it's been after being shut down by hurricane sandy, wall street winding down the historic afternoon for the stock market, back in business the market down slightly. the fact that we are open today after this recent disaster is viewed as a very important step for this recovery. >> it's an amazing achievement just to get that opening bell this morning. i'm bill griffith. you can see the dow is down modestly and for the most part it has been for the most part smooth sailing in terms of trading at the big board. we'll talk to a host of top market watchers, get their take how the exchanges are doing on the heels of hurricane sandy. >> of course it's all about the recovery. i'll talk with nasdaq's ceo bob griefeld on how his day is going. stay tuned for that as well as any lot of other interviews coming up. we go to the front lines to
in new york city. the market closed once again today. it is back to business tomorrow, though, with the new york stock exchange and the nasdaq announcing plans for normal trading hours tomorrow. >> i'm bill griffeth. the superstorm did put the brakes on wall street for those two days. the death toll, unfortunately, continues to rise. millions are still without power across several states and will be for several days. but tomorrow will mark a big step toward normalcy for america an its economy as the stock market gets set to open once again. the big question now is, what happens when that opening bell rings tomorrow morning after such a long hiatus and such a disastrous storm? >> really unprecedented. we have team coverage today. scott cohn with the latest on the flooding near wall street. courtney reagan is monitoring the power outages. jackie deangelis is in a new jersey town. we kick it off with bob. you spoke a short time ago with the ceo of the nyc. can it really be business as usual tomorrow? what are you expecting? >> that's what they're hoping for, maria. they said the
. the dow on top for a two-day drop. >> how was the columbus day parade in new york city? >> it was spectacular. >> she's an institution in new york city at the fabled columbus day parade. she's the commentator on that every year. >> that's where i was yesterday. it was amazingly fun. >> always look forward to your description of the high school bands out there. i'm bill griffeth. today's selloff comes as investors gear up for what some say could be a tough earnings season. we'll know in about an hour when dow component alcoa reports its results after the bell. coming up, ceoklaus kleinfeld talks with maria about the global economy. we'll also be the first to have yum brand results coming up. another key indicator of where this economy and market may be headed. here's where we stand now. a selloff this morning with the dow down 79 points. just kind of bumping along the bottom of the day, now at 13,506. the nasdaq is down 37 points. all these charts will look similar today. 1.2% down on the nasdaq. the s&p is down nine points at 1446. >> it's not a very happy anniversary t
up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪ this girl is on fire [ male announcer ] use any citi card to get the benefits of private pass. more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] >>> welcome back. the dow industrials rallying today up about 70 points even though it is off of the best levels of the afternoon. the nasdaq really struggling. bertha is at the nasdaq with the details. >> the nasdaq was up as much as 30 points earlier in the day. as you mentioned before the break, it's really the weakness in apple, also greater weakness in microsoft. microsoft today getting cut over at rbc. they basically see the windows 8 upgrade price priced into the microsoft price. google, oracle, with the oracle world today, the real strength. take a look at google. google has really been coming on here. google today set to close at an all-time high after se
. we have breaking news right now on citi. let's get to kate kelly at headquarters. >> thanks so much. confusion seems to be reigning this week. this happened in an informal conversation of board mens right after pandit resigned, i'm told. the job is not something he apparently wants to pursue right now. and now it appears that global consumer banking chief may get instead. at the same time, citi is considering doing away with that post altogether. that president coo job. nobody seems in a rush to organize the moving parts. >> very interesting and a lot of moving parts there surely are at citi these days. >> wow, all right. thanks so much. >> it, of course, has been a bit of an ugly day on wall street on this 25th anniversary of black monday. selloff today. nothing of that scale, but on a scale nonetheless. we have a big selloff on our hands after a good week. let's look at today's drop. as you see, the dow off its lows, but nonetheless down. almost 185 points. if we close with a drop of at least 220 points, all of the week's earlier gains will be erased for the week. >> we need some
-shot young lawyer making $200,000 in new york city, you've got probably a high mortgage payment relative to your salary. you're paying high state and local taxes. if you made charitable deductions, this is a proposal that might hurt you more than it helps you. so who would benefit under this scenario that romney floated out there yesterday? well, the same hot-shot young legal associate, if he's living in the houston suburbs, renting a house paying low local taxes and not giving all that much to charity, that's the hot shot young lawyer who might really nefiis scenario, bill. with all of these ideas that are being floated around out there, the question is who wins and who loses? the losers are those people who are going to end up paying more because they lose some of those deduction. maria, back to you. >> all right, eamon. thanks so much. our next guest says don't stop there. eliminate all the deductions. >> david callahan likes the general idea of the romney plan but is skeptical that it can become reality, mainly because, what, you feel it's going to complicate things even further in a
in the country, really has put his life on the line as well as new york city police chief jim esposito. thanks for joining us. >> it's a great day. thanks to be here and talk to you. >> how important was it -- how does it feel to be grand marshal of columbus weekend? what does it mean for you, a man who started his own business from the ground up? >> you think about 520 years ago, columbus had a vision, he was an entrepreneur tried to do a venture capital deal with the queen of spain. more fundamental it lays the track of what u.s. is all about. the rule of law, the free market system, even with all the blemishes of the last few years, and then the ability to succeed and the vision of columbus and what we're doing here with this parade is to raise millions of dollars, which we do every year, and give it back to individuals that want to have an equal opportunity through school. we give that money to students, thousands of them, maria, and that's why i'm doing this. i want to continue to help contribute. >> you constantly give back. the money raised, $2 million for scholarships for students, for
're finding acceptance everywhere, not just in our primary china cities but in tier two and tier three cities as well. >> you've expanded so much around the world, particularly in china. what's your plan now? given the backdrop of the economy. we know things are slow, even if it's not hitting your category. how do you resize the business, if you have to, for 2013 and beyond? >> well, first, fortunately, we're in the sweet spot, accessories. in north america, the category was up about 10% again during the last three months, which makes it about 18 months straight where the category has been growing 10%. >> how much did the return of coupons help with that and incentives? how much are you having to insent vise the consumer to bring them in the door? >> our factory business by its nature is a promotional business because it's a discount p business. we have found that the added impetus of giving a consumer an additional discount to encourage them to make a purchase at the moment does really help. our sales in factory stores did bounce back after we reactivated it. however, on the full-price side,
. upgraded today to a buy from citi. bill. >> all right, jackie. thank you very much. let's talk about facebook and this big number and the big gain today, up 18% after big earnings report. let's compare it to google. both of them scrambling in this mobile advertising space. on the technical side, it's mark newton, chief technical analyst with grey wolf execution partners. lou, did the market underestimate facebook's ability to turns things around? >> i think they continue to dramatically underestimate facebook's potential. they averaged about $1.5 million a day after virtually nothing in the previous quarter. they finished the quarter at $3 million a day in mobile advertise. they're primed to do more than $350 million in the fourth quarter. >> okay. mark, i mean, even i know on a day when you have your biggest gain on your heaviest volume, that can be a launch pad. that's what's happening with facebook right now. do you like it versus google? how do you stand? >> i still like google relatively speaking versus facebook. if you look at the recent chart patterns, you can see why it might
floor in new york city. we've laid out the numbers. the firm manages more money than the federal reserve, more than $3.5 trillion. the question is, how are they putting their money to work in today's environment? and how are clients allocating capital today? joining me now in a cnbc exclusive are two people at the forefront of those decisions. quinton price and robert kapito, the president of black rock. gentlemen, good to have you on the program. thank you so much for joining us. let me start with quinton, since i don't think you've been with us before. nice to have you on the program. you are the global head of the alpha strategies group. really, a global opportunity for allocating capital. to what do you attribute the rally today? was it the ecb, do you think? was it the election last night? what's going on? the debate, rather. >> europe has been driving the market for months. ever since draghi made his comments, going back two months, we've seen confidence flowing back into equities. we've removed the downside risk for markets. i think that's continued. i think people have got confid
sachs or citi or other groups see it going as high as 1650. >> that's exactly the point. everybody's worried, and they're raising their numbers. are they insane or what? there's two things going on. number one, qe-3, 4, 5, 6, 7, and 8. we don't know how much higher the market is as a result of fed's action, but it is higher. number two, feorget about 13 or 14 multiples. if europe calms down, there are people arguing we should have a higher multiple like 15. if you have 15 on the s&p right now at 105, $108 earnings next year, you're at 1600 easy. it's easy to sort of make the argument at this point. >> we're talking very long term here. tell us what you think of what's happened this week. is this problematic at all? we're struggling to stay positive. we've had a long week here of losing every single day nearly. is that a signal of something that's going to come here in the short term? are we walking into a big correction? >> i mean, i think it would be hard to extrapolate any one trend. i think for now given the uncertainty about next year, and as steve pointed out, given the estima
for watching "street signs," everybody. use the lock feature on top of your phone. save your city or county some money, please. that's one to grow on. >> little tip. "closing bell" is next. >>> welcome to the "closing bell." i'm michelle caruso-cabrera in for maria bort rartiromo. it's going to be a close one, folks. >> up a little bit right now. i'm bill griffeth with my lock feature on my phone right now, as a matter of fact. nasdaq under pressure. could be set for a six-day losing streak. earnings out of jpmorgan chase this morning and wells fargo especially doing little to lift this market. both stocks under pressure today as are all the bank stocks as we head into the home stretch here. speaking of wells fargo, don't miss our first on cnbc interview with chief financial officer timothy sloan. we'll get his take on the earnings and his thought of the state of the consumer, whether the housing market will come back. we'll also ask him about legal challenges facing that bank that came out just this week. but first, here's how we stand right now. this trading pattern chart will look famili
. certainly in terms of banks. we have the results from citi today. we'll get numbers from bank of america on wednesday. as well as goldman sachs. plus tech numbers from bell weathers, tech and ibm. google and microsoft out later in the week. >> a lot more as well. let's dig into "closing bell exchange "with jeff, michael of poerlt foal yoe family of funds, our own jeff cox and our own rick santelli. michael, you're looking at uncertain time. you want to stay defensive and stay as diversified as possible because you're not sure what the earnings will produce, is that true? . >> while that's true with equity market, cautiously optimistic with stocks. a lot of liquidity on the sidelines and a general negative sentiment among a broad swath of investors, that's a good point to get into equities and be there for the long term. if corporate earnings fall down, we don't get the right political environment, the wrong forecast in growth stories, then stocks could fall from here. they're very reasonably priced right now. >> jeff, what about the momentum behind this market, do you really want to get
Search Results 0 to 16 of about 17